Alba, the world’s leading aluminium smelter, has reported a profit of BD37.1 million ($98.6m) for the fourth quarter of 2024, up by 58.5 per cent YoY versus a profit of BD23.4m ($62.2m) for the same period in 2023.
The company reported basic and diluted earnings per share of 26 fils for Q4 2024 versus basic and diluted earnings per share of 16 fils for the same period in 2023. The Total comprehensive income for Q4 2024 stood at BD38.1m ($101.3m) versus a total comprehensive income for Q4 of 2023 of BD16.3m ($43.2m) – up by 134.4pc YoY.
For the full year of 2024, Alba has reported a profit of BD184.5m ($490.8m), up by 56.4pc YoY, versus a profit of BD118m ($313.9m) for 2023. Alba reported basic and diluted earnings per share of 130 fils versus basic and diluted earnings per share of 83 fils in 2023.
Alba’s total comprehensive income for 2024 was BD183.4m ($487.8m), up by 71.9pc YoY, compared to a total comprehensive income of BD106.7m ($283.8m) for 2023.
Total equity as of December 31, 2024 stood at BD1,923.9m ($5,116.9m), up by 7.5pc YoY, versus BD1,789.2m ($4,758.6m) as of December 31, 2023. Alba’s total assets as of December 31, 2024 were BD2,673.4m ($7,110m) versus BD2,553.6m ($6,791.4m) as of December 31, 2023 – up by 4.7pc.
Alba’s top-line and bottom-line were driven by higher LME prices and partially offset by higher alumina prices. LME price increased by 17pc YoY in Q4 2024 and 7pc in FY 2024. The Alba board of directors resolved during the board meeting yesterday to recommend the distribution of cash dividend to the shareholders whose names are registered on the company’s register on the record date. The final cash dividend is 26.58pc of the share nominal value, equivalent to 26.58 fils per share amounting to BD37,633,403 ($100m).
Commenting on the company’s performance for the full year of 2024, the chairman of Alba’s board of directors, Khalid Al Rumaihi, stated: “Alba’s exceptional financial performance in 2024, with a 56pc year-over-year profit increase, demonstrates our operational resilience and adaptability despite fluctuating market dynamics and higher alumina costs. The significant growth in our earnings per share reflects our strategic focus on operational excellence and shareholder value creation.”
He added: “Today, we celebrate more than just the completion of a power plant, but a step towards powering a more sustainable future for Bahrain. This project represents a leap forward in our commitment to ‘Net Zero by 2060’, setting the benchmark for responsible industrial development in the region.”
Alba’s chief executive officer Ali Al Baqali added: “I’m incredibly proud of our team for going above and beyond during a challenging year for the aluminium industry. Our collective efforts on cost management and operational optimisation delivered strong results, driven entirely by our talented local workforce.
“This success is underpinned by our unwavering commitment to safety, which has resulted to date in over 31m safe working hours without LTI.”
Alba Management will hold a conference call today at 1pm to discuss the company’s financial and operational performance for Q4 and 12 months of 2024 and outline its strategic priorities moving forward.
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